Thursday, December 31, 2009

Time To Get Angry

New Labour parrot Stephen Timms MP, appears in both the Telegraph and the Guardian today . Whilst blurbing about Inheritance Tax, he says... ,“Estates up to £2,000,000 would pay nothing the equivalent of a £540,000 tax break ". So, to the British Labour Party, but for the generosity of state “ Tax Breaks “ , our houses belong to them . Well that , as they say , is one way of looking at it...
The left have never understood public loathing for their grave robbing . Partly its Brown`s history of exploiting fiscal drag . Since 1970 the average house in the UK has increased by more than 35 times, from an average price of £4,874 in 1970, to £172,788 in 2004.Multiply your house value by twenty and think of what a Labour Chancellor is going to do about theshholds . ( See here )
More than this though, it is an attack on work, prudence , care for your children, and multi generational social mobility
I have nothing much .An old car , a pair of jeans every now and then, three kids, and a house . If they take that then I`d have been little worse off joining the sick notes. For many people living standards, in real terms declined during the so-called boom, which only increased mortgages, removed pensions, and bred “Public Sector Professionals” giving each other pay rises . Why do we put up with it ? Good question, which brings me to the possibility of the UK losing its credit rating .

Let me explain something about credit ratings .They do not measure of how much money exists in the UK .They measure the capacity of a government to remove it and pay back creditors; obvious really . The Labour Party is currently lurking on the off-side line of market confidence .Here is the irony , one of things that makes it easier for them is the presumed un-likeliness of a genuine tax payers revolt .In other words when those smug twerps tell us that there is little chance of a down grade what they are actually saying is this ...
“Listen fodder ,your bovine acceptance of catastrophic profligacy is a given . This means we can reduce not only you but your children to penury ... you just munch the grass and fart . that’s all you are good for”
Time to get angry.


Electro-Kevin said...

We won't get angry until the springs on our knackered DFS sofas are poking up our arses.

We need some real poverty before people get motivated.

Happy New Year

Philipa said...

You need some real poverty? Ah, I have fond memories of being a student. Maybe you should have tried that, Kev.

Newms I am still reeling from the proposals 2 threads ago and should probably bog off, I know. But allow me to wish you and Flo a very happy new year, even though all on this blog would happily reduce me to penury such that it would destroy my family. Have a great 2010.

Martin Wellbourne said...

Real poverty is student life, eh.

Only a trained mind could t hink like that.

Philipa said...
This comment has been removed by the author.
Philipa said...

Mr Wellbourne - depends what your experience of student life is. I didn't go to Oxford on my parents generosity. In fact I didn't go anywhere on anything but my own independance. And I wasn't a teenager. I went from a low paid job to an even lower paid, flea ridden, walking supermarkets for pennies, student life.

Mr Wellbourne, I wonder if you are?

Newmania said...

I have come to see the generosity of the ‘well born’ , with our money, as a sort of external cost.
Others bear the opportunity cost. Well born makes do with three cars and a bucket of sanctimony.

Andy DM said...

Someone working from leaving school until the day they retire, at the moment that's 52 years, at minimum wage would earn £650,000 over their entire lifetime. For 52 years of hard, honest toil, they would have to pay about £150,000 of that money in income tax and NI.

Someone under the Tories who happened to inherit the same amount of money from a rich relative would pay absolutely no tax whatsoever.

Remember, the Tories haven't suggested that any public service be cut to pay for the reduction in inheritance tax. So it's a straight shift from taxation on the fortunate to taxation on wage slaves. It's not class war to point that out.

Andy DM said...

ooops, wroong figures, the total lifetime tax by someone on full time minimum wage for their working life is about £100k not £150k.

The point remains though, why should the hard worker pay more tax than the idle rich?

Bill Quango MP said...

DM Andy. I don't understand your point. Surely the inherited wealth has had tax paid on it already too? Why should it be taxed yet again?

A banker on 100,000 a year for say 20 years will pay at an average tax rate of 41.5% £830,000 of tax or the equivalent of eight low incomes. Thats just an average. In reality they will pay more.
A Million pound house has 4% stamp duty. Every time they move house its £40k. A £60k BMW pays £10.5k tax.
A person on minimum wage likely doesn't buy a new car and so pays no VAT.

Your point makes no sense to me. Its not that the rich should not get to keep what they've earned, but that the very poorest have to pay at all.

Happy New year Newmania.

Newmania said...

DM if the world consisted only of people who inherit £650,000 and people who “Work hard” on a minimum wage ( that hard work habit presumably started after such a time when the ample educational opportunities we fund were squandered )…your position would have some support . It does not of course.
The working class home owning self employed family typically in the South usually does a lot better than a minimum wage , a vast deal better . This is considered by many ( not you perhaps ) just reward for real work , skill endeavour and risk. This is the constituency the Labour Party appear to have irrevocably lost and for good reason
Pensions are gone , open competition has flooded in for the EU while the public sector sit pretty inventing qualifications .Property inflation has been allowed to run rampant ( aka a perpetual boom) and as I was suggesting the small amount involved now in IHT is not the point .It is the clear intention of the Labour to confiscate the profits of property ownership , halt social mobility and the spread of capital , a clearly horrifying prospect for the Party of state redistribution .
That you are able to pick to atypical cases and say from a certain perspective now it appears “Unfair “ is hardly beyond the childlike. By all means be the Party of the minimum wage immigrant apple picker and his attendant social workers .The Party of working people you are not

Incidentally I have no figures to hand but if someone really worked their whole life for a minimum wage I would be amazed if they were not a net gainer from the whole system and paid , in effect any tax at all.

The delightful and fragrant Mr. Quangos points are of course quite right as well what he doesnot go on to sa\y os that the theory that making one group pooerer will make one group richer was tried in the East Germany which is where we would be had the Labour Party had its way in the 20th century

Happy New Year to you BQ

Electro-Kevin said...

Maybe that's why students are the most reactionary in society, Pippy.

Of student 'poverty' didn't you hear the Easter joke ?

Vicar, "Jesus turned water into wine."

Student, "So what ? I turned a whole student grant into vodka !"

Newmania said...

Student, "So what ? I turned a whole student grant into vodka !"

Yes and a fair bit more as well in my case. Its left me with a life long horror of debt though. Paying it back was awful

Auntie Flo' said...

Happy New Year, Philipa, Newms and everyone! Philipa, my comments were focussed on young girls who get pregnant as a career option and career unemployed people like 'Made In England', many of whom have hardly ever worked and have no intention of ever working. I was not having a go at people with genuine health problems or with those who have been left with sole care of children. The nearest most of the Made In Englands get to child care is in dodging their child maintenance payments. Please don't think I was having a go at you or others in your situation, I wasn't. I've twice been a lone parent (two divorces!) and know that it is very hard for loan parents to work and care for children single handed.

Philipa said...

Hi Flo, Soz, just catching up with comments. I agree with you completely and am not surprised you notice that there is good and bad in the demographic. Sadly not everyone does - there are so many bigots out there. I'm sick of 'em.

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